An audit of Australia's Snowy 2.0 renewable energy project found significant management deficiencies persist despite a 2023 reset. Issues include a lack of cost tracking, unagreed schedules, and ineffective contractor accountability, with costs now at $12 billion.
Australia's Snowy 2.0 energy project, the nation's most expensive, has seen tunnelling machines pierce a key rock stretch, advancing its completion. However, the project faces significant cost blowouts, safety issues, and delays, with its final price tag expected to be much higher than the initial $2 billion estimate.
Energy Minister Chris Bowen has made expectations to emitters 'crystal clear' amid a report on BHP shelving green projects. He also discussed falling energy prices, attributing them to renewables and batteries, while acknowledging more work is needed. Bowen defended Australia's COP role and addressed the Snowy 2.0 cost blowout.
Snowy Hydro executives received over $1 million in bonuses last year despite the Snowy 2.0 project's escalating costs. CEO Dennis Barnes earned $323,000 in bonus pay on top of his $1.69 million salary.
